Miami-Dade County provides retirement benefits for eligible employees through the Florida Retirement System (FRS). The information provided in this guide is based on the Florida.To continue your medical, dental, vision and basic life insurance coverage, complete the Retiree Insurance. Election form and submit it within thirty (30) days. You must complete Form DP-ELE, Notice of Election to Participate in the DROP and. Resignation of Employment. Retirement benefits are payable on the last state business day of each month. The FRS Pension Plan is a defined benefit plan, in which you are guaranteed a benefit at retirement if you meet certain criteria. What retirement plans are available? There are two Florida Retirement System (FRS) Retirement Plans: the FRS Pension Plan and the FRS Investment Plan.